Sweet home4/5/2023 ![]() More evidence of the durability of Americans’ belief in homeownership comes from a question in which respondents are asked to assess the importance of four long-term financial goals. And when renters are asked if they would like to continue to rent or if they would prefer one day to buy a home, 81% say they would like to buy. Asked if they rent out of choice or because they cannot afford to buy a home, just 24% say they rent out of choice. (The survey sample included 57% of respondents who own a home and 30% who are renters the remainder has other arrangements, such as living with family members.)īut renters are hardly immune to the allure of homeownership, even in the face of the five-year decline in prices. Overall, homeowners are more positive than renters about the financial wisdom of owning a home 41% of homeowners strongly agree that this is the best long-term investment a person can make, compared with just 31% of renters. Half (49%) strongly and 41% somewhat agree with this view. Among homeowners whose home increased in value during the recession, this confidence is even more pronounced. Still, fully 82% of homeowners who say their home is worth less now than before the recession began either strongly (37%) or somewhat (45%) agree that homeownership is the best long-term investment a person can make. Of those who say their home has lost value, 86% say they expect it to take at least three years for values to recover to pre-recession levels 42% say it will take at least six years and 10% say it will take more than 10 years. ![]() Among the 1,222 homeowners in the nationwide Pew Research telephone survey, about half (47%) say their home is worth less now than before the recession began, and 31% say its value has stayed the same. Homeowners are not blind to what has happened to home prices, nor are they expecting a speedy recovery. 1 After a pause last year, prices fell again in the first quarter of 2011. Home prices are down by 31% from their pre-recession peak in July 2006, according to the S&P/Case-Shiller Home Price index. When this same question was asked two decades ago in a CBS News/New York Times survey, 49% “strongly agreed” and 35% “somewhat agreed.”Įven so, confidence at any level these days is notable, given that the housing market is mired in the longest and deepest decline in modern American history. Today, 37% “strongly agree” while 44% “somewhat agree” that homeownership is the best investment a person can make. There has been some falloff in the intensity of the public’s faith. Fully eight-in-ten (81%) adults agree that buying a home is the best long-term investment a person can make, according a nationwide Pew Research Center survey of 2,142 adults conducted from March 15 to March 29, 2011. The five-year swoon in home prices has done little to shake the confidence of the American public in the investment value of homeownership.
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